Royal Bank of Canada Reaffirms Sector Perform Rating for PACCAR (NASDAQ:PCAR)

PACCAR (NASDAQ:PCAR)‘s stock had its “sector perform” rating reiterated by equities research analysts at Royal Bank of Canada in a research report issued on Monday, Benzinga reports. They presently have a $119.00 price objective on the stock. Royal Bank of Canada’s price target points to a potential upside of 14.64% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. Evercore ISI dropped their price target on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Citigroup raised their price objective on shares of PACCAR from $100.00 to $108.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. BNP Paribas upgraded PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Finally, StockNews.com upgraded PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $113.82.

PACCAR Stock Performance

NASDAQ PCAR traded up $0.45 during trading hours on Monday, hitting $103.80. The company had a trading volume of 877,207 shares, compared to its average volume of 2,621,398. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.55 and a current ratio of 1.25. PACCAR has a 1-year low of $85.14 and a 1-year high of $125.50. The company has a market cap of $54.42 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.63 and a beta of 0.89. The business has a 50 day moving average of $100.33 and a 200-day moving average of $102.65.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The firm had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. During the same period in the prior year, the company posted $2.34 earnings per share. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, equities research analysts expect that PACCAR will post 8 EPS for the current year.

Insider Activity

In other news, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the completion of the sale, the vice president now directly owns 3,061 shares in the company, valued at $328,353.47. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO R Preston Feight sold 27,191 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the completion of the transaction, the chief executive officer now directly owns 171,776 shares in the company, valued at approximately $17,782,251.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the sale, the vice president now owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,315 shares of company stock worth $6,358,552. Insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in shares of PACCAR during the 2nd quarter valued at $26,000. New Covenant Trust Company N.A. purchased a new position in shares of PACCAR in the 1st quarter worth $27,000. Meeder Asset Management Inc. boosted its position in shares of PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after buying an additional 205 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in PACCAR in the 2nd quarter worth about $36,000. Finally, Fortitude Family Office LLC increased its stake in PACCAR by 200.0% in the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock worth $38,000 after buying an additional 244 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.